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and Ne <br />have <br />rate <br /> <br />boat <br /> <br />'~smouth continues to have the lowest boat tax r <br />~he region. The next lowest rates are $1.00 ir <br />)rt News, while the other South Hampton/Roads c <br />~s of $1.50 except for the City of Suffolk,-whi <br />6.30. <br /> <br /> proposed budget recommends that the Council in <br /> rate to $0.75 per $100 of valuation% This wou <br /> needed revenue while keeping Portsmouth s boat <br />st in the Region. While this is a substantial <br /> · e basis, it would still leave Portsmouth in <br />[ve position. <br /> <br />PUBLIC UTILITIES <br /> <br /> ~s Inoted in last year's budget message the Publi~ <br />Fun~ isllcontinuing to adjust to the loss of revenue <br />formerly derived from the Pinners Point Wastewate~ Trea <br />Pla~t-- This adjustment necessitates the use of this fu <br />retaine~ earnings to balance expenditures. <br /> <br /> rnin ar <br /> In order to reduce the use of retained ea ' gs <br />moving ~owards balancing this fund and to ensure that <br />appropriate return on investment to its stockholder, tk <br />propo~e~ budget recommends an increase in the water rat <br /> <br /> Im~ <br /> ~o_q~ponent Present Rate Proposed Rate Bi <br /> <br />of <br />con <br /> <br />ver~ <br />yea~ <br /> <br />~r Rate $1~45/1000 gal~ $1.55/1000 gal. <br /> <br />average residential customer would experience <br />Kimately S6.72 per year or $0.56 per month bas~ <br />ion of 1500 cubic feet (or 11,221 gallons) per <br />period. <br /> <br />ire increases in the water rates may be dictat~ <br />nt of Public Uti~s'is.'requi'red to modify <br />~ to comply with the anticipated requirements <br />oafe Drinking Water Act. <br /> <br /> MACHINERY AND TOOL TAXES <br /> <br />Commissioner of the Revenue has participated <br />ons with City staff concerning the assessment <br />taxes and other business tangible personal pre <br />rs, an assessment method has oeen used ~n Port~ <br />on a depreciation scale beginning at 90% of-o~ <br />ending 10% per year until a minimum of 25% is <br />th year. Whil~ it is a theoretically s~und-as~ <br /> <br />ate of any <br />Hampton <br />ities all <br />ch has a <br /> <br />crease the <br />id raise <br />tax rate <br />increase or <br /> very <br /> <br />tilities <br />ch was <br />tment <br />nd's <br /> <br />continue <br />pays an <br />City, th( <br />as shown <br /> <br />ct on <br />monthly <br />lling <br /> <br />1.12 <br /> <br />an increas~ <br />d on a <br />bi-monthly <br /> <br />d as the <br />s treatmen~ <br />f the <br /> <br /> extensiw <br />f m~ <br />perry. <br />mouth whic! <br />iginal cos] <br />eached in <br />essment <br /> <br />it has two negative!~ffects. 'The first <br /> with the surrounding area cities, Port <br />h in the <br />es in Portsmouth under the present meth <br />amount of any other area city. This <br />fforts in attracting new manufacturers and busJ <br /> <br />-second negative impact fs that the~ Cit r <br /> <br /> of the~ e is that, <br />~mouth taxes are <br /> In fa(t, first <br />Dd are nore than <br /> aspect is cc <br /> nesses. <br /> <br /> es <br /> <br /> tax revenues on equipment for a perio <br /> in the case of new businesses with <br />and tools or personal property, the <br />causes serious budgetary problems. Fo <br /> full cooperation of the Commissioner o <br /> budget recOmmends Changes in the asses <br /> and tools and business tangible perso <br /> the machinery and tool tax rate. <br /> <br /> of ei(.ht years. <br />~rge am(,unts of <br />_=clinin¢ tax <br /> these~ ]'easons, <br /> the R( venue, the <br />sment m(~thod for <br />sal prof.erty, as <br /> <br /> <br />